7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $100 of unused supplies available. The required adjusting entry is: A. Debit Office Supplies $105 and credit Office Supplies Expense S105. B. Debit Office Supplies Expense $105 and credit Office Supplies $105. C. Debit Office Supplies Expense $259 and credit Office Supplies $259. D. Debit Office Supplies $254 and credit Office Supplies Expense $254. E. Debit Office Supplies $105 and credit Supplies Expense $254. 10) Net Income: A. Decreases equity. B. Represents the amount of assets owners put into a business C. Equals assets minus liabilities. D. Is the excess of revenues over expenses. E. Represents owners' claims against assets. 11) A company pays each of its three office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is: A. Debit Unpaid Salaries $600 and credit Salaries Payable $600. B. Debit Salaries Expense $400 and credit Salaries Payable $400. C. Debit Salaries Expense $600 and credit Salaries Payable $600. D. Debit Salaries Payable $400 and credit Salaries Expense S400. E. Debit Salaries Expense $400 and credit Cash $400. 12) Financial statements are typically prepared in the following order: A. Balance sheet, statement of owner's equity, income statement. B. Statement of owner's equity, balance sheet, income statement. C. Income statement, balance sheet, statement of owner's equity. D. Income statement, statement of owner's equity, balance sheet. E. Balance sheet, income statement, statement of owner's equity